Financial attention
Macroeconomics
1. CCTV News: On July 23rd, there was moderate rain and localized heavy rain in the northern part of the Jiamin River Basin; On 24-27, moderate to heavy rain and local rainstorm occurred near the main stream of the upper reaches of the Yangtze River. The middle and lower reaches of Jinsha River, Jiamin River Basin, Chishui River, Wujiang River, and the Three Gorges area will be flooded, and some small and medium-sized rivers in the rainfall area may have over warning floods. The risk of mountain torrents caused by local heavy rainfall is high. On July 23rd, the Yangtze River Prevention and Control Administration and the Yangtze River Commission issued flood reports, demanding that Sichuan, Chongqing, Guizhou and other places must be highly vigilant.
2. CCTV News: The main engine of China's manned lunar rocket, Long March 10, completed another ignition test yesterday, verifying all the requirements for the engine in the rocket flight mission, providing strong support for the solidification of engine technical status, establishment of product technical baseline, and reliability improvement. The engine of this test run uses advanced liquid oxygen kerosene as fuel, which will be used for the core stage and booster of the Long March 10 used in China's manned lunar landing.
3. Global Times: Japanese Prime Minister Fumio Kishida said that although Japan's foreign minister visited China, after that, there were various problems (between China and Japan), and they are still standing still. China is Japan's neighboring country and largest trading partner, and the relationship between the two countries is inseparable. We hope to maintain constructive and stable relations while maintaining dialogue.
4. Rushing News: Representatives of major economies of the G20 recently held a 4-day meeting in India, but member countries were unable to reach a consensus on gradually reducing fossil fuel use. Under opposition from some fossil fuel producing countries, G20 countries have failed to reach an agreement on reducing fossil fuels. Proposals such as doubling renewable energy generation capacity by 2030 are controversial among countries.
5. Overseas website: At the end of last year, the military strength of the South Korean National Army dropped below 500000 to 480000. The military plans to maintain a standing force of 500000 personnel by 2027, but the actual force may not recover to 500000 personnel. Analysis suggests that if the current military service system is maintained, the average military strength at the end of each year for the next decade will be maintained at around 470000. The sharp decrease in the number of active officers and soldiers in South Korea is closely related to the decrease in military personnel caused by low fertility rates.
Stock market inventory
1. Last Friday, the Shanghai Composite Index closed 0.06% lower at 3167.75 points, down 2.16% for the week; The Shenzhen Composite Index closed 0.06% lower at 10810.18 points, down 2.44% for the week; The ChiNext Index closed up 0.35% at 2163.12 points, down 2.74% for the week.
2. On Friday, the Hang Seng Index closed 0.78% higher at 19075.26, down 1.74% for the week; The Hang Seng Technology Index closed up 1.00% at 4104.36, down 2.94% for the week; The state-owned enterprise index closed 0.8% higher at 6415.02, down 2.19% for the week.
3. CITIC Securities: The key point of the policy at the end of the month is approaching. The process of the Federal Reserve's interest rate increase may end in July. The inflection point of the RMB exchange rate is being built, the active capital position is rapidly declining, the inflection point of liquidity and sentiment on the floor is approaching, the market is approaching the end of the triple bottom, and August is expected to usher in a turnaround. Firstly, the key point of policy is approaching, and it is expected that the Politburo meeting at the end of the month will revolve around three dimensions: industrial policy, debt disposal, and expanding domestic demand. Secondly, the RMB exchange rate is building a turning point, and the Federal Reserve may continue to raise interest rates by 25 basis points in July, approaching the end of the rate hike cycle.
4. CICC: The trading signal is as low as the historical bottom, focusing on the important policy window period, and not pessimistic in the future. The current market valuation level is at a historical low, and the bottom characteristics presented by the A-share market are already quite obvious. In terms of configuration, during the policy window period, attention needs to be paid to areas that may be supported by policies. At the same time, listed companies are gradually releasing their mid-term performance reports. In the future, downstream consumer and manufacturing sectors and individual stocks that have improved or exceeded expectations in terms of structural performance are also expected to become areas of concern for investors.
5. Guojin Securities: Standing at the current time point, the outlook for the A-share market will be analyzed through two dimensions: one is the downward space. The second is the uplink drive. The former, whether from the perspective of Risk premium or stock bond yield ratio, shows that the downward space has been relatively limited. The latter is driven by two aspects: the core driving force of the domestic economy has shown signs of bottoming out; It is expected that the US economy may resonate with inflation and decline as soon as the third quarter.
6. Beijing Business Daily: Most of the A-share stocks that have seen continuous gains in recent times are underperforming stocks with losses. In contrast, blue chip stocks have traded sideways or fallen, leaving investors at a loss. This trend should be monitored and monitored by management, and the phenomenon of inferior stocks driving out high-quality stocks should not persist for a long time. For regulatory authorities, there is no need to intervene in the speculation of stocks by funds, but attention should be paid to whether there is any manipulation of stock prices.
7. Shanghai Stock Exchange: In the second quarter, the size of public funds returned to 27 trillion yuan, an increase of over trillion yuan compared to the end of the first quarter. Due to the volatility of the equity market and the increase in risk aversion among funds, bond funds and currency funds, which mainly focus on stable returns in the second quarter, became the main force in attracting funds. Although the overall scale of equity funds has decreased, there are also frequent highlights.
8. Alibaba: After receiving the notice from Ant Group, a non consolidated related party holding 33% of the equity, Ant Group held a shareholders' meeting on July 23, and its shareholders approved the proposal of Ant Group to buy back no more than 7.6% of its shares from all its shareholders. It has been decided not to sell any shares to Ant Group in the proposed buyback to maintain its shareholding in Ant Group.
9. Zhongxin Jingwei: The results of selecting and restructuring investors for * ST Zhengbang have been announced online, and Twin (Group) Co., Ltd. and three other institutions have successfully become the final restructuring investors for * ST Zhengbang* ST Zhengbang insiders have confirmed and learned that there is still uncertainty regarding this matter, and only one notification has been received. However, both parties have not yet confirmed the agreement and there is still significant uncertainty.
10. Hongxin Electronics: The company has reached a strategic consensus with the Management Committee of Gansu Tianshui Economic and Technological Development Zone. After friendly negotiations, both parties plan to jointly sign the 'High Performance AI Computing Power Server Intelligent Manufacturing Project Cooperation Agreement'. We plan to invest in the construction of a high-performance AI computing power server intelligent manufacturing project, with an estimated total investment of 1 billion yuan. We plan to build an intelligent manufacturing base with an annual output of 100000 AI computing power servers.
11. Zhongju High tech: The board of directors received Deng Zuming's resignation report on July 22nd. Due to personal reasons, Deng Zuming resigned from his position as the general manager of the company. Deng Zuming will not hold any positions in the company or its subsidiaries.
12. Runjian Co., Ltd.: China Mobile Procurement and Tendering Network recently released the 'Announcement of Winning Candidates for China Mobile's 2023-2026 Network Comprehensive Maintenance Service Procurement Project'. The company won bids in 19 provinces including Guangdong, Jiangxi, Jiangsu, Henan, Hunan, Guizhou, Shandong, Anhui, Shaanxi, Guangxi, Yunnan, Hubei, Hebei, etc., with a total winning scale of 3.339 billion yuan (including tax).
13. Zhongke Chuangda: In the field of automatic driving, the company has in-depth product and technology layout on Qualcomm, Horizon, Nvidia and other platforms. Whether it is the software and hardware integration solution of the domain controller on the Qualcomm platform, the joint venture of the Horizon platform, the driver development and image quality optimization of the Nvidia platform, etc., it can provide a full range of products and technologies for global OEMs.
14. * ST Jiakai: Received the decision from the Shenzhen Stock Exchange on the termination of the listing of Jiakai City Group Co., Ltd. shares on July 21. The stock will not enter the delisting and consolidation period. After the stock is delisted, it will be transferred to the delisting sector managed by the National Equities Exchange Company for listing and transfer.
15. New share subscription: This week, a total of 7 new share subscriptions were made, including 5 on the ChiNext board, 1 on the Science and Technology Innovation board, and 1 on the Shanghai Main Board, including Changhua Chemical, Jinkai Shengke, Minbao Optoelectronics, Mengguli, Lanjian Electronics, Huahong Company, and Huaqin Technology.
16. Sales restriction and lifting: This week, a total of 93 restricted shares were lifted, with a total of 3.355 billion shares actually lifted and a market value of 86.217 billion yuan lifted. Among them, Huada Jiutian ranked first on the lifting ban list with 18.667 billion yuan, while Qi'anxin and Guobo Electronics ranked second and third with 10.647 billion yuan and 9.951 billion yuan, respectively.
Industry Observation
1. Cat's Eye Professional Edition: At 17:00 on July 23rd, the total box office in July exceeded 6.5 billion yuan. 'The Disappearing She', 'In the Octagonal Cage', and 'Three Thousand Miles in Chang'an' respectively ranked in the top three box office charts in July.
2. China News Network: Huairen City, Shuozhou, Shanxi Province, an important ceramic producer in China, is accelerating to build a new highland for industrial transformation and development. The Huairen Plan aims to build a national first-class ceramic professional town with an industrial ecology and an industrial energy level exceeding 10 billion yuan. By 2025, the total industrial chain energy level will be 10 billion yuan, and by 2035, the total industrial chain energy level will be 30 billion yuan.
3. Cailian News Agency: The world's first 16 megawatt ultra large capacity offshore wind turbine has successfully connected to the grid for power generation at the Fujian offshore wind farm of Three Gorges Group, with industry insiders predicting a cost of over 50 million yuan per unit. The main components of this giant are mostly from domestic suppliers. Among them, the spindle bearings are produced by Luoyang LYC, the blades are manufactured by Zhongfu Lianzhong, the lubrication system is from Pangu Intelligent, and the blade mold and engine hood are assisted by Shuangyi Technology.
4. CCTV Finance: Researchers in Arizona, USA have launched a robot called 'Andy' that can breathe, tremble, and sweat to study various changes in the human body when facing extreme environments. It is reported that 'Andy''s body is divided into 35 independent sensing zones, which are filled with sensors such as temperature and heat. At the same time, an internal cooling system and pores scattered on carbon fiber skin can make it look like a real person.
5. Xinhuanet: The research team composed of Japanese domestic enterprises and Tokyo Institute of Technology has developed a new semiconductor computing circuit that supports the operation of artificial intelligence, with the energy efficiency ratio more than 5 times that of the technology already in use, to solve the problem of large power consumption of AI. The research team has identified a method that can reduce the computational complexity used for image recognition by 60% and reduce the number of times data is transmitted to memory devices.
Insight Economics
1. Chinese Embassy in Singapore: Starting from 0:00 on July 26th, the Chinese government will resume a 15 day visa free entry policy for Singaporean citizens holding regular passports who come to China for business, tourism, family and friends visits, and transit. Singaporean citizens who have previously received visas to China continue to hold valid visas. Visa applications that have been accepted will be processed and issued normally.
2. Federal Statistical Office of Germany: In 2022, Germany's Total fertility rate (the average number of children per woman) will drop to 1.46, the lowest level since 2013.
Financial data
1. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.1790, up 0.0292% and down 0.6519% for the week; The central parity rate of the Chinese yuan was 7.1456, up 0.0140%, and down 0.1823% for the week.
2. New Third Board: Last week, four new listed companies were added, with a transaction amount of 1.443 billion yuan, an increase of 10.85% compared to the previous month. As of now, the total number of companies listed on the New Third Board has reached 6455. Since the beginning of this year, the cumulative transaction amount of companies listed on the New Third Board has reached 32.148 billion yuan.
3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 433700 tons, with a total trading volume of 25.3717 million yuan and a closing price of 63.43 yuan/ton, a weekly increase of 5.72%.
4. US stocks: Last Friday, the Dow closed up 0.01% at 35227.69 points, up 2.08% for the week; The Nasdaq closed down 0.22% at 14032.81 points, down 0.57% for the week; The S&P 500 closed up 0.03% at 4536.34, up 0.69% for the week.
5. Europe: Last Friday, the FTSE 100 in the UK closed up 0.23% at 7663.73, up 3.08% for the week; The German DAX30 closed 0.17% lower at 16177.22 points, up 0.45% for the week; France CAC40 closed 0.65% higher at 7432.77, up 0.79% for the week.
6. Gold: Last Friday, COMEX August gold futures closed 0.22% lower at $1966.6 per ounce, up 0.11% for the week.
7. Crude oil: Last Friday, the WTI August crude oil futures settlement price rose 1.9% to $77.07 per barrel, a weekly increase of 2.3%; Brent September crude oil futures settled 1.8% higher at $81.07 per barrel, up 1.2% for the week.
·Shed renovation 2.0? No, no, no·
Xinhua News Agency: On July 21st, the Executive Meeting of the State Council approved the Guiding Opinions on Actively and Steadily Promoting the Transformation of Urban Villages in Super Large Cities. Actively and steadily implementing the transformation of urban villages in mega cities is an important measure to improve people's livelihoods, expand domestic demand, and promote high-quality urban development. We should fully leverage the decisive role of the market in resource allocation, better leverage the role of the government, increase policy support for the transformation of urban villages, actively innovate transformation models, encourage and support the participation of private capital, strive to develop various new business forms, and achieve sustainable operation.
CCTV News: In 2015, the government proposed to actively promote monetization and resettlement of shantytowns, and the wave of destocking in third and fourth tier cities began. Although the problem of high real estate inventory and economic downturn was solved in stages, it also pushed up housing prices nationwide, especially in third and fourth tier cities, increasing the debt burden. In terms of coverage area, the previous shantytown renovation was aimed at the whole country, with funding driven as the main means and large-scale demolition and construction as the main model. Therefore, it has made rapid progress in third and fourth tier cities where demolition is relatively easy. This round of urban village renovation is limited to mega cities, and urban village renovation will be carried out in large cities with an industrial base of population influx. In terms of funding sources, previously, the funds for shantytown renovation mainly came from exclusive loans for shantytown renovation provided by the central bank and the China Development Bank. This round of urban village renovation will mainly come from private capital and mainly operate in a market-oriented manner.
Guangdong Provincial Housing Policy Research Center: The transformation of urban villages in the new era is led by local functional state-owned enterprises to ensure the public nature of the transformation and avoid real estate. At the same time, it is necessary to attract multiple social funds to enter and encourage multiple investment entities to use operating income (rather than real estate sales income), including rental income, parking lots, street shops, restaurants and canteens, to compensate for and cover the cost of renovation. Real estate sales revenue does not dominate, it is only a part of it. The main goal is to address the serious lack of public shortcomings, improve the quality of residents' living, increase affordable rental housing, retain 'low-cost, location-based' rental and living space, and preserve the original and lively atmosphere of urban villages.
Guo Tai Jun An: In the long run, the real estate industry may usher in a new development model, and the era of stimulating real estate to boost the economy may be gone forever. At present, economic growth has shifted from capital driven to Total factor productivity driven, and land selling for development has brought more debt problems and high inventory problems. The new rules of asset management restrict the financing of real estate enterprises, which has become a catalyst for the transformation of the old and new models. The role of real estate will shift from driving industries to industry driven, and the past national prosperity model of real estate will no longer be popular. Urban agglomerations formed based on the aggregation of high-end manufacturing industry chains have great potential.